Updated Oct 28, 2024
RJBlock Properties Acquires Multifamily Portfolio In Harlem For $32M
2470 8th Avenue, New York, NY 10027
$32,000,000
$158/SF
Building Size
201,764 SF
Asset Type
MultiFamily
Closing
Sep 5, 2022
About this deal
AI
The multifamily property located at 2470 8th Avenue, 271 West 144th Street, and 1941 Adam C Powell Boulevard in Harlem has been sold. The sale was finalized on 09/06/2022 for a total price of $32,000,000. The property consists of 213 units, with an average price per unit of $150,234. The total square footage of the property is 201,764, resulting in a price per square foot of $158.
Summary of Transaction Details
- Property Type: Multifamily
- Sale Price: $32,000,000
- Units: 213
- Price Per Unit: $150,234
- Square Footage: 201,764
- Price Per Square Foot: $158
The buyer of the property is RJBlock Properties, represented by RJ Block. The seller is KLM Equities, with Elias Kefalidis and Zac Kleinhandler as the sellers. The seller's representatives in this deal are Brett Siegel and Evan Layne, who work for Newmark.
On the Map
$32,000,000
$158/SF
MultiFamily
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Players
Watervliet MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93